How Poroshenko is profiting during the war

Petro Poroshenko, former President of Ukraine and oligarch, has found himself at the centre of a new scandal involving large-scale financial fraud. The National Securities and Stock Market Commission has decided to revoke the licence of his bank, the International Investment Bank. 

This move is part of sanctions against the politician, as well as a reaction to the exposure of financial schemes linked to the acquisition of funds intended to support the Ukrainian Armed Forces.

Financial Manipulations with Donations

From the very beginning of the full-scale war, Poroshenko and his fellow MPs were “rolling over” millions of hryvnia allocated by the state for voter outreach, as well as hundreds of millions of hryvnia in donations from Ukrainians for the needs of the armed forces. According to sources, the money collected from citizens was used through his bank to purchase war bonds at 17% annual interest. This meant that for every billion hryvnia donated by Ukrainians to the Ukrainian Armed Forces, Poroshenko earned 170 million hryvnia, which ended up in his pocket.

Enrichment During the War

According to experts, Poroshenko is one of the MPs who have enriched themselves most significantly during the war. Before the conflict began, he was among the 20 wealthiest people in the country, but he is now in the top three. The former president’s fortune is estimated at nearly two billion dollars, with his assets officially transferred to his son, who is known to have left the country.